# Bank shares jump after Budget tax raid was ‘not as bad as feared’

- URL: https://talkfuse.com/story/bank-shares-jump-after-budget-tax-raid-was-not-as-bad-as-feared/
- Published: 2026-10-28T19:56:31+00:00
- Updated: 2026-10-28T20:33:36+00:00
- Original publisher: Daily Mail (publisher lean: Right)
- Original article: https://www.dailymail.com/money/markets/article-16246019/Bank-shares-rally-Budget-tax-raid-not-bad-feared.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
- Topics: Business, Markets, World

## Key points

- Bank taxes rise less than investors feared.
- The surcharge will last 15 months.
- Gambling shares rose after a smaller-than-feared duty increase.

## Summary

Bank and gambling shares rose during the Budget after tax increases announced by Chancellor John Healey proved smaller than investors had feared. The reaction matters because higher taxes on banks could affect borrowing costs and economic growth, while gambling firms warn that increased duties could lead to closures and job losses.

The bank surcharge on profits will double from 3 per cent to 6 per cent for 15 months from January, on top of 25 per cent corporation tax. Lloyds and NatWest shares gained about 2 per cent, Barclays rose 1.6 per cent and Standard Chartered 2.4 per cent. The tax on slot machines will rise from 20 per cent to 25 per cent, below the feared 40 per cent; Rank shares climbed nearly 12 per cent and Entain gained close to 4 per cent.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.